Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Investors at Risk through Lax Government Regulations

Rt Hon Winston Peters
New Zealand First Leader
30 November 2012

Investors at Risk through Lax Government Regulations

New Zealand First says the Government has failed to introduce regulations ensuring financial advisers’ decision-making is independently scrutinised to protect investors from losses caused by illegal trading.

The lack of oversight is highlighted by the Ross Asset Management fiasco where a sole director with sole investment responsibility led the company to ruin with debts of $438 million.

Rt Hon Winston Peters says the Government has failed over the past four years to introduce regulations to protect New Zealand investors from rogue sole traders such as David Ross.

“The Prime Minister has repeatedly told the country that the issues that led to scores of finance companies going belly-up had been dealt with. That is simply not true.

“Asset managers in New Zealand are handling millions of public dollars yet are not subject to any management oversight or governance controls on just how they do that.”

Mr Peters says that was a major cause that contributed to the collapse of about 50 New Zealand finance companies during the global financial crisis which has not been remedied.

“We accept that most finance advisors are honest but quite clearly, some are not.

“If one suddenly goes rogue to try and get out of a financial hole then there are no Government mechanisms in place that would alert the appropriate authorities.

“This glaring loophole needs to be addressed by the Government with urgency before more mum and dad investors lose their life savings.

“It’s a classic example of myopic free market regulations which very often leads to illegality and light fingered behaviour,” says Mr Peters.

ENDS


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell:
On The Northland By-Election

Supposedly, Winston Peters’ victory in Northland has exposed the simmering dissatisfaction with the government that exists out in the provinces. Yet it remains to be seen whether this defeat will have much significance – and not simply because if and when Labour resumes business as usual in the Northland seat at the next election, Peters’ hold on it could simply evaporate.

On Saturday, National’s electorate vote declined by 7,000 votes, as the 9,000 majority it won last September turned into a 4,000 vote deficit – mainly because Labour supporters followed the nod and wink given by Labour leader Andrew Little, and voted tactically for Peters. In the process, Labour’s vote went down from nearly 9,000 votes six months ago, to only 1,315 on Saturday. More>>

 

PARLIAMENT TODAY:

IPCA Reports: Significant Problems In Police Custody

In releasing two reports today, the Independent Police Conduct Authority has highlighted a number of significant problems with the way in which Police deal with people who are detained in Police cells. More>>

ALSO:

Inspector-General of Intelligence and Security: Inquiry Into GCSB Pacific Allegations

The complaints follow recent public allegations about GCSB activities. The complaints, and these public allegations, raise wider questions regarding the collection, retention and sharing of communications data. More>>

ALSO:

TPPA Investment Leak: "NZ Surrender To US" On Corporates Suing Governments

Professor Jane Kelsey: ‘As anticipated, the deal gives foreign investors from the TPPA countries special rights, and the power to sue the government in private offshore tribunals for massive damages if new laws, or even court decisions, significantly affected their bottom line’. More>>

ALSO:

Werewolf: The Myth Of Steven Joyce

Gordon Campbell: The myth of competence that’s been woven around Steven Joyce – the Key government’s “Minister of Everything” and “Mr Fixit” – has been disseminated from high-rises to hamlets, across the country... More>>

ALSO:

RMTU: No Public Submissions On International Government Procurement Deal

“The government is preparing to assent to the Government Procurement Agreement, a World Trade Organisation Treaty which opens up New Zealand Government contracts to foreign companies and closes the door on local businesses and their workers. However the Foreign Affairs, Defence and Trade Select Committee is refusing to take public submissions on the decision.” More>>

ALSO:

Gordon Campbell:
On Pacific Spying

So New Zealand spied on its friends and allies in the Pacific – and has not only been passing on the results to the NSA, but has apparently passed on the details of the Pacific’s relations with Taiwan to our other best friends, the Chinese. On the side, the Key government has also been using the security services to gauge the chances of Trade Minister Tim Groser landing the top job at the WTO... More>>

ALSO:

State Housing Transfer: Salvation Army Opts Out

The Salvation Army has decided against negotiating with Government for the transfer of Housing New Zealand stock.
More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news